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      "author": "steemitboard",
      "permlink": "steemitboard-notify-steemkopf-20190822t143348000z",
      "title": "",
      "body": "Congratulations @steemkopf! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@steemkopf/birthday3.png</td><td>Happy Birthday! - You are on the Steem blockchain for 3 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@steemkopf) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=steemkopf)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
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      "author": "steemitboard",
      "permlink": "steemitboard-notify-steemkopf-20180822t151714000z",
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      "body": "Congratulations @steemkopf! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@steemkopf/birthday2.png)](http://steemitboard.com/@steemkopf)  2 Years on Steemit\n<sub>_Click on the badge to view your Board of Honor._</sub>\n\n\n**Do not miss the last post from @steemitboard:**\n[SteemitBoard and the Veterans on Steemit - The First Community Badge.](https://steemit.com/veterans/@steemitboard/steemitboard-and-the-veterans-on-steemit-the-first-community-badge)\n\n> Do you like [SteemitBoard's project](https://steemit.com/@steemitboard)? Then **[Vote for its witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1)** and **get one more award**!",
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      "author": "steemitboard",
      "permlink": "steemitboard-notify-steemkopf-20170822t155305000z",
      "title": "",
      "body": "Congratulations @steemkopf! You have received a personal award!\n\n[![](https://steemitimages.com/70x70/http://steemitboard.com/@steemkopf/birthday1.png)](http://steemitboard.com/@steemkopf)  Happy Birthday - 1 Year on Steemit Happy Birthday - 1 Year on Steemit\nClick on the badge to view your own Board of Honor on SteemitBoard.\n\nFor more information about this award, click [here](https://steemit.com/steemitboard/@steemitboard/steemitboard-update-8-happy-birthday)\n> By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)!",
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      "parent_author": "steemkopf",
      "parent_permlink": "steemit-is-highly-censored-and-centralized-sorry-but-somebody-has-to-say-the-truth",
      "author": "baah",
      "permlink": "re-steemkopf-steemit-is-highly-censored-and-centralized-sorry-but-somebody-has-to-say-the-truth-20170709t153347202z",
      "title": "",
      "body": ">Steemit is highly censored and centralized (sorry but somebody has to say the truth)\n\nApologizing for telling the truth? Or apologizing because there is hardly any truth in that bullshit?\n\n>Steemit provides an example of the failings of an oligarchy. \n\nSteemit is not a government, oligarchy doesn't apply because nobody is divinely entrusted to rule over anyone, that premise does not exist, and as it will be evident such allegory or metaphor or simile has no connection to the reality of Steemit or Steem.\n\n>When you give power to a limited few it is exceedingly rare that any equal distribution of power and wealth is to exist.\n\nThat's the communist manifesto, rich people were GIVEN power and there should be equal distribution of power and wealth, which is exceedingly rare that it will happen WHEN YOU GIVE rich people power, because rich people were GIVEN power by you.\n\n*When you give power to a limited few*\n\nFirst off, the narrative of \"Rich People\" relies on the false premise that sometime ago, somewhere close or far from here, someone who had the power, gave it to rich people. Limited few is a great euphemism for the truths or facts that follow the premise of a primordial second person pronoun that hands out power to rich people.\n\n>Democracy tries to solve this, however whilst it is not direct (also known as true) we still have an oligarchy, just an elected one. It shares all flaws with an oligarchy except how permanent those in power stay as usually a new election is held every 4 or 5 years within a representitive (or false) Democracy.\n\nDemocracy is a form of government, we are still discussing social media, but I'm sure that government and social media are creatures of the same feather.\n\n>You post content, people decide if they like it or not and depending on how ‘popular’ it is, you get paid. Being able to monetize your content is great and it’s about time that we have a way to do it. However, when it comes to Steemit, appearance is deceiving.\n\nGlad to be back to reality, but not so much for the claim that appearance is deceiving, or people don't decide if they like the content you can post and people don't get paid for posting content.\n\n\n>At launch there were no compiled wallets and an error in the setup instructions which allowed only the developer to initially mine any STEEM. When users asked for assistance, none was given.\n\nNone was offered, it's a moot point then that none was given.\nWere there promises made or guarantees? Nope, so it's a moot point that wallets didn't exist, or errors were present.\n\n>Later on, user ‘Eclipse Crypto’ discovered that the instructions given by the developer were incorrect, accounting for the errors everyone else was experiencing that was preventing them from being able to mine.\n\nCool story, what's the point again? We were discussing how steemit is like an oligarchy, HIGHLY censored AND centralized and the Appearance of Creating Content and getting Paid for it is deceiving, not how this dude figured out some error. \n\n>Once other users were able to join in on mining, the developer was confronted with another problem. Overnight, an error on the developer’s end resulted in all his miners crashing (for the second time). Other users continued mining STEEM during this time. \n\nThis story is getting to a point soon, right?\n\n>The developer, upon realizing that he had lost some control of the supply, decided to re-launch STEEM to ensure that he alone had majority of supply (at least 75%+ of supply).\n\nYeah, I'm sure that's what was happening, and that is not another false narrative devoid of facts. (big eye roll) You have yet to demonstrate **Highly censored and centralized, the narrative that it promised fairness and equal distribution of power and that appearances are deceiving** and now you have to demonstrate that the Developer realized he had lost some control and decided to re-launch STEEM to ensure that he alone had majority of supply. Does that include a whole other accidental launch with bad instructions and errors? which he built in on purpose of course? even though it was open source? and then he re-launches to gain control he had lost? the control which he gained because of bugs and bad instructions? that control was re-set because people found the flaws and he needed to take control by launching it again? Exactly how was there going to be any guaranteed control by launching it again?\n\n>As you can see the developer did everything possible to ensure almost complete centralization.\n\nYeah, as you can see, centralization in this context doesn't mean much of anything.\n\nWhat you posted in that screenshot of a nameless comment amounts to the same quality unfounded and otherwise bullshit claims, and I understand why you kept the name out *winks*.\n\nHere is the same baseless claims which your screenshot of baseless bullshit comes to \n\n![](https://steemitimages.com/DQmcrmZor1Xd4GxeGZNGY6dgBz1w91h7tBHWXgn5k7qsj3G/image.png)\n\nExactly how does a re-launch guarantee maximum stake control again?\n\nMoving on.\n>STEEM is not decentralized.\n\nYawn.\n\n> From the beginning it was and still remains highly centralized. \n\nYawn \n\n>The launch of the STEEM network was heavily rigged to ensure that the developer and his ‘friends’ had control over majority of supply. \n\nYawn.\n\n>Furthermore, this has major implications for the Steemit platform.\n\nYawn\n\n>The top 247 accounts on Steemit (most of which are probably owned by the developer and his ‘friends’ through duplicate accounts) own ~87.50% of total stake, without including the main steemit account which is also controlled by the dev. \n\nYawn.\n\n>Although any user can vote for content, the influence of your vote corresponds to the amount of STEEM you convert on your account. \n\nYawn\n\n>This means the typical user’s vote is almost meaningless unless they manage to acquire a high stake in total supply.\n\nSteem is centralized because *you think* the launch wasn't fair *wink*, and that *you think* this implies that the top 247 accounts, most of which are *probably* owned by the developer and his \"friends\" own 87.50 of total stake, and it's not fair, because that's not even the main steemit account which is also controlled by the dev. Whaaaa. Whaaa.\n\nAnd in spite of that I haven't forked the chain, and typical users are meaningless unless they are rich, whaa whaaaa.\n\n>All content on Steemit is highly censored and centralized since the few actual users who own majority of the supply get to decide which posts make it to the front page and which posts get higher payouts. Accounts are easy to create and majority of the top accounts are most likely controlled by a small group of people making Steemit highly susceptible to sybil attacks. Simply put, for any content to make it to the front page, it is subject to the approval of the developer and his ‘friends’…\n\n#### Tell me, where are the facts and when did Curating content become Censorship. You act as if someone is forcing you to be here, where people vote for content that they think is worthy, this evil place.\n\nYou whine about life not being fair, because you're entitled or believe that whining will get you sympathy, that's why there are no facts, and all the story sits on a thread of Curating content is censorship because rich people. Your analogy next is missing some very crucial and inherent differences and resolving those makes your analogy a gross misrepresentation.\n\n>Now imagine if each vote from the Reddit staff counted as 5000 votes. This is what is basically happening on Steemit.\n\nBasically, there are no Staff, on Steemit. Basically, there is no one that can delete comments, posts, tags, whole boards, at will, like on Reddit, and there is no such mechanism or similar mechanism on Steemit, because there is not ONE more special account than another, like staff on Reddit.\n\n\n>Steemit is basically a version of Reddit that is almost completely controlled and censored by the creator and his ‘friends’.\n\nUmmm, almost completely controlled, you are quite specific, we are talking like 95% complete control and censored or how much?\nO yeah, 99.9% almost... But therein lies the crucial factor, it is hardly compete control or almost complete control. At most it's crucial to your argument that this is a ponzi scheme:\n\n>Simplified overview of STEEM and Steemit.\n\n>Rig the distribution process so that you end up with almost all of the STEEM supply.\n\nSo then fork it lol!\n\n>Create a platform that allows for the monetization of content.\n\nEvil bad evil content valuable, eveeil.\n\n>Make sure certain users get extravagant payouts to lure in more users (the payout is a tiny fraction when compared to how much STEEM you and your friends own).\n\nEvil bad evil content monetization on a completely transparent robust platform you created to rig as a scam*****\n\n>As more people are lured in, STEEM becomes more ‘valuable’, resulting in those who own majority of the supply getting rich along with the select few they choose. \n\nEvil bad scamming, the end?\n\n>The successful creation of a content monetization platform does not require the developer to create his own ‘token’ or economy but Steemit chose to do so anyways through the use of highly questionable methods.\n\nO really, you went from crying Scam to highly questionable methods. And saying that the creation of a content monetization platform is a thing that can happen in different ways, thank you capitain obvious, is this your lynch pin for the theory of steemit is a scam?\n\n> Yours Network (soon to be released) is an example of a content monetizing platform that is designed to monetize user content without the questionable ‘get-rich-quick’ scheme for its creator and does not depend so heavily on its developer and his ‘’friends’. You can follow progress on Yours through the Yours Network twitter account.\n\nWhich makes sense, because steem it is such a get rich quick scheme, looking at it in hindsight, and not right after the launch, and crying SCAM. Looking at yours in hindsight, it has yet to materialize, from their website:\n\n>Yours is like Medium with a pay wall. Users can post articles with embedded content (*), like images, videos and audio, just like Medium. But with a twist - users can place a pay wall at a location and price of their choosing inside the article.\n\n>During the alpha, please be aware that there is a high probability of funds loss and therefore we recommend keeping no more than $1 on the platform.\nBehind the pay wall you will find a description of some of our high priority bugs we intend to fix and what features you can expect to be implemented soon.\n\n>Please purchase this content to see the rest.\n\nAnd nothing like steem it.\n\n>The content on Steemit and value of STEEM is also at their complete mercy. Unlike decentralized networks, Steemit is almost completely dependent on the developer and his ‘friends’.\n\nYawn.\n\n>There are various other flaws and red flags present when looking at the economic model behind STEEM and Steemit which will be discussed by Tone through a comprehensive analysis of it’s whitepaper.\n\nLOLOLOLOLOLOLOLOLOLOLOLOLOL\nAHAHAHAAHAAHAAHAHAAHAAHAHAAHAHAAH",
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      "title": "",
      "body": "Exactly...working the steemit system I guess?????my head may be spinning but my feet are still on the ground.",
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      "body": "https://pandagif.com/gifs/a3kQJDXfun.gif",
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      "author": "conspiracynut",
      "permlink": "re-steemkopf-steemit-is-highly-censored-and-centralized-sorry-but-somebody-has-to-say-the-truth-20160823t204104602z",
      "title": "",
      "body": "@@ -27,16 +27,19 @@\n  couple \n+of \n days tra\n@@ -103,17 +103,16 @@\n ople are\n- \n ? Perhap\n",
      "json_metadata": "{\"tags\":[\"steemit\"]}"
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      "author": "conspiracynut",
      "permlink": "re-steemkopf-steemit-is-highly-censored-and-centralized-sorry-but-somebody-has-to-say-the-truth-20160823t204104602z",
      "title": "",
      "body": "@@ -4,24 +4,27 @@\n oticed that \n+in \n the last cou\n@@ -116,17 +116,16 @@\n ps just \n- \n one fift\n",
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      "author": "conspiracynut",
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      "title": "",
      "body": "I noticed that the last couple days traffic has slowed down. I wonder what the real number of people are ? Perhaps just  one fifth?",
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    {
      "parent_author": "",
      "parent_permlink": "steemit",
      "author": "steemkopf",
      "permlink": "steemit-is-highly-censored-and-centralized-sorry-but-somebody-has-to-say-the-truth",
      "title": "Steemit is highly censored and centralized (sorry but somebody has to say the truth)",
      "body": "https://s9.postimg.org/ep7qmym0f/0_g2k_BB2r1p51_QDJRL.png\n\nSteemit provides an example of the failings of an oligarchy. When you give power to a limited few it is exceedingly rare that any equal distribution of power and wealth is to exist.\nDemocracy tries to solve this, however whilst it is not direct (also known as true) we still have an oligarchy, just an elected one. It shares all flaws with an oligarchy except how permanent those in power stay as usually a new election is held every 4 or 5 years within a representitive (or false) Democracy.\n\nYou post content, people decide if they like it or not and depending on how ‘popular’ it is, you get paid. Being able to monetize your content is great and it’s about time that we have a way to do it. However, when it comes to Steemit, appearance is deceiving.\nThrough a new account called ‘thereverseflash’, STEEM was launched on March 24, 2016 under the premise of Proof-of-Work, No ICO, No Premine.\n\nhttps://s3.postimg.org/m9j4l4gkz/0_c_QN5_Bd6_NVSgm_Dnzc.png\n\nAt launch there were no compiled wallets and an error in the setup instructions which allowed only the developer to initially mine any STEEM. When users asked for assistance, none was given.\n\nhttps://s4.postimg.org/i8jtmqj9p/0_p5_Mv_Gvg_T9_Vb_Gseq_R.png\n\nhttps://s3.postimg.org/pqh0oauxf/0_li21g49_Qd_Z_f_UVu_W.png\n\nLater on, user ‘Eclipse Crypto’ discovered that the instructions given by the developer were incorrect, accounting for the errors everyone else was experiencing that was preventing them from being able to mine.\n\nhttps://s3.postimg.org/yqy4jvsg3/0_HBMo_U4tyq_RRYT1_G.png\n\nOnce other users were able to join in on mining, the developer was confronted with another problem. Overnight, an error on the developer’s end resulted in all his miners crashing (for the second time). Other users continued mining STEEM during this time. The developer, upon realizing that he had lost some control of the supply, decided to re-launch STEEM to ensure that he alone had majority of supply (at least 75%+ of supply). As you can see the developer did everything possible to ensure almost complete centralization.\n\nhttps://s14.postimg.org/ko7k3ens1/0_a_Wfe_Rw_Vbb_WPQr0_Z6.png\n\nSTEEM is not decentralized. From the beginning it was and still remains highly centralized. The launch of the STEEM network was heavily rigged to ensure that the developer and his ‘friends’ had control over majority of supply. Furthermore, this has major implications for the Steemit platform.\nThe top 247 accounts on Steemit (most of which are probably owned by the developer and his ‘friends’ through duplicate accounts) own ~87.50% of total stake, without including the main steemit account which is also controlled by the dev. Although any user can vote for content, the influence of your vote corresponds to the amount of STEEM you convert on your account. This means the typical user’s vote is almost meaningless unless they manage to acquire a high stake in total supply.\n\nhttps://s13.postimg.org/f924zdemv/0_An0_Hia_s_V44weh3_A.png\n\nAll content on Steemit is highly censored and centralized since the few actual users who own majority of the supply get to decide which posts make it to the front page and which posts get higher payouts. Accounts are easy to create and majority of the top accounts are most likely controlled by a small group of people making Steemit highly susceptible to sybil attacks. Simply put, for any content to make it to the front page, it is subject to the approval of the developer and his ‘friends’…\nAre you an influential or well-known public figure? The developer and his ‘friends’ will give you a nice ‘payout’ so you feel good and start promoting their shady platform to the public. The number of people being lured in through this method is alarming and disappointing. Post something that the majority stakeholders don’t like and your post will never see the light of day despite being well-received by many users.\nReddit operates using an up-vote and down-vote system and every individual user can up-vote or down-vote content once. If a post gets enough up-votes, it can reach the front page.\n\n<strong>Now imagine if each vote from the Reddit staff counted as 5000 votes. This is what is basically happening on Steemit.</strong>\n\nSteemit is basically a version of Reddit that is almost completely controlled and censored by the creator and his ‘friends’. The content on Steemit and value of STEEM is also at their complete mercy. Unlike decentralized networks, Steemit is almost completely dependent on the developer and his ‘friends’.\nSimplified overview of STEEM and Steemit.\n\n<ol>\n<li>Rig the distribution process so that you end up with almost all of the STEEM supply.</li>\n<li>Create a platform that allows for the monetization of content.</li>\n<li>Make sure certain users get extravagant payouts to lure in more users (the payout is a tiny fraction when compared to how much STEEM you and your friends own).</li>\n<li>As more people are lured in, STEEM becomes more ‘valuable’, resulting in those who own majority of the supply getting rich along with the select few they choose.</li>\n\nThe successful creation of a content monetization platform does not require the developer to create his own ‘token’ or economy but Steemit chose to do so anyways through the use of highly questionable methods. Yours Network (soon to be released) is an example of a content monetizing platform that is designed to monetize user content without the questionable ‘get-rich-quick’ scheme for its creator and does not depend so heavily on its developer and his ‘’friends’. You can follow progress on Yours through the Yours Network twitter account.\nhttps://s14.postimg.org/ubioqlvwh/1_hi_MIBIojcw1z_buk_D_4b_IQ.png\nhttps://s9.postimg.org/4emhl3qq7/Screen_Shot_2016_08_23_at_22_11_37.png\nhttps://s9.postimg.org/w8yw8h18f/Screen_Shot_2016_08_23_at_22_11_45.png\n\nThere are various other flaws and red flags present when looking at the economic model behind STEEM and Steemit which will be discussed by Tone through a comprehensive analysis of it’s whitepaper.\n\nhttps://s10.postimg.org/gg9lkfha1/Screen_Shot_2016_08_23_at_22_12_31.png\nhttps://s13.postimg.org/cl4lm7dh3/Screen_Shot_2016_08_23_at_22_12_37.png\nhttps://s10.postimg.org/9ry92d8zd/Screen_Shot_2016_08_23_at_22_12_41.png\n\nto be continued ...",
      "json_metadata": "{\"tags\":[\"steemit\",\"scam\",\"whale\"],\"image\":[\"https://s14.postimg.org/ubioqlvwh/1_hi_MIBIojcw1z_buk_D_4b_IQ.png\"]}"
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      "title": "Hi, I am a german CS student and I wrote for you about the history of  traditional financial arrangements",
      "body": "<center>https://s9.postimg.org/jea0lpmof/heading.jpg</center>\n\nHi, I'm <strong>Markus Schmidt</strong>. I <strong>study CS here in Germany</strong> and I dont want to talk much about me, I just want to <strong>create stuff for the steemit community</strong>. I decided to start with an article about the history of traditional financial arrangements and sorry for my german precision in the article, I hope the article is not too dry:)  \nNow understanding the history of traditional financial arrangements isn't essential to understanding how <strong>Steemit,Bitcoin</strong> or other cryptocurrency works. However, it would be an interesting subject to look at and I hope everybody will enjoy the informations I provide here. I will use mostly Bitcoin as an example of cryptocurrency. Let’s begin!\n\n<h1><strong>Barter --> Credit --> Cash</strong></h1>\n\nThe path to Bitcoin is littered with many failed attempts at e-cash systems and other credit card payment systems. Here's about a couple schemes.\n\nhttps://s14.postimg.org/51alngtcx/Screen_Shot_2016_08_22_at_13_35_30.png\n\nSome of them are academic proposals that have been well cited, others are actual systems that were deployed and tested. On of the many system is PayPal. It's the only current  system that we have from  the history of cryptocurrencies  that's still bring used today.  \n\nNow we'll look  at traditional financial arrangements.  I’m not going to give you  a full history of cash, and  the assent of money, and all the things  that went into the invention of cash.  But I will look at some of  the basics just to remind ourselves.  They will help us understand the different  types of proposals that we'll see.  If I rewind in time and go back to  a time before there was a government,  before there was currency.  \n\nhttps://s16.postimg.org/vvnihkfv9/barter_1.png\n\nOne system that worked for  acquiring goods was <strong>barter</strong>.  In a barter arrangement  you may have two people.  For example, here we have one  person who wants to have a tool.  And we have another person  that needs medicine.  Now, if each of these has  what the other person needs,  then they can do a swap, and  they can both satisfy their needs.  For example, one person can give  medicine to the second person, and  the second person can  give a tool in return.  Now, the problem with barter is,  what happens when the two people  don't have what the other wants?  \nIn this case, for example,  we might assume that this person has food,  which they're willing to trade for  a tool that they want.  The other person has a tool but  they don't have any need for  food, they want medicine instead. \n\nhttps://s16.postimg.org/nvpj32an9/barter_2.png\n\nThis situation can be resolved with  the introduction of new parties.  For example,  let's assume that there's a third person.  This person wants food, and  they have medicine available,  that they're willing to trade for food.  In this case,  it's possible to arrange a three way  swap where everyone gets what they need.  \n\nNow, the drawback of a barter  based system is coordination.  It's hard to coordinate all three people  to have them at the same place, but  also to situate them in time,  where everyone's needs and  wants align in time so  that they are able to complete the swap.  In order to deal with  this draw back of barter,  one of these two systems  emerged to replace it.  One system is credit.  One system is cash.  It's currently a subject of academic  debate which of the two emerged first.  For the purpose of this article we don't really care about that debate.  \n\n<center>https://upload.wikimedia.org/wikipedia/commons/0/05/Barter-Chickens_for_Subscription.jpg</center>\n\nIn a credit based system, we can assume  that the first person, for example,  who needs a tool, they're able to  acquire the tool from another person.  However, they don't have  the medicine that this person wants,  all they can offer is food.  Since this person doesn't want food,  the arrangement could be  that they still make the trade,  the first person gets the tool.  But the second person gets a favor  that's owed to them in the future.  In other words, this person has a debt  that they need to settle with this  person in the future sometime.  Now, we can say that this  person's needs are satisfied.  She acquired the tool that she wants.  But really she has a new need  as a result of this arrangement.  She has a debt and she would at some point  like to cancel that debt in the future, so  that's her new want. \n\nhttps://s4.postimg.org/hcxwemlvx/barter_3.png\n\n Now, she can at some future time,  she may come across a third person.  And in this case the third person  wants food, which she has.  \n\nhttps://s10.postimg.org/dvg3v4rg9/barter_4_5.png\n\nThe third person is offering medicine and  if she remembers that medicine is  what the person she has a debt with  wanted to acquire, then she can  trade her food for the medicine.  And then when she has the medicine,  she can go back to the original person and  cancel the debt.  As a result, everybody's happy.  \n\nhttps://s16.postimg.org/ml5c3cjr9/barter_6.png\n\nA second alternative we can look  at is the cash-based systems.  In this case, we'll assume the same  scenario, except for in this case we'll  assume that this person also has some  money, something of monetary value.  In this case,  when the person above wants to acquire a tool  from someone who's offering the tool,  they can offer cash instead since they  don't want the food that they have.  So in this case they do the swap.  This person's satisfied,  she has acquired her tool and  this person has acquired money,  which is the value of that tool.  \n\nhttps://s3.postimg.org/9pu5de8s3/barter_7.png\nhttps://s3.postimg.org/5i24cvljn/barter_8.png\n\nThen later,  if this person happens to come across  other person, she still wants medicine,  this person is offering medicine,  she can swap it for the money, okay?  Finally, to complete the cycle,  the original person has food.  This person needs food and has money,  they can pay for the food.  And the money goes back to the original  person who held the money in the first  place, and everyone's needs are satisfied.  \n\nhttps://s14.postimg.org/vot3l39o1/barter_9.png\n\n\nNow we can contrast and compare  cash systems versus credit systems.  In a cash based system one requirement  to bootstrap the system is you need  an initial allocation of cash.  The whole trading cycle would not have  worked had the one person not originally  had some cash on hand.  \n\nBy contrast, in a credit based system,  there's no allocation that's needed.  It can work right out of the box.  However, the credit based  system does have one drawback.  And that is the party that gives the tool  to the other party in exchange for  a debt is taking on some risk.  There's a chance that that person  never comes back and settles the debt.  \nCash also allows for  a finer grain precision when you want to  say how much something is worth.  In barter-base systems, it's hard to say  if a tool is worth more than medicine or  medicine's worth more than food.  With cash, we can apply a mathematical  quantity to how much something is worth.  For these reasons,  this is why we use a blended system today.  We used a combined system of cash and  credit,  where debt are measured in the amount of  cash it would take to settle the debt.  \n\n<h1><strong>Direct application(P2P fire-sharing)</strong></h1>\n\nA fairly direct application of this  ideas can be seen in some proposals for  P2P file-sharing.  Two systems that use these idea  are Mojo Nation and Karma.  \nMojo Nation was a short lived project.  It lived about two years, but  it's sort of the intellectual ancestor  of other protocols that are used  today like BitTorrent and Laughs.  Karma on the other hand  was an academic proposal.  In both of these cases,  we consider a P2P file-sharing system.  Where some people have files,  say movies or music,  that they're offering to send  to other people in the network.  And they'll do this in exchange for  other files that they want to acquire.  \n\nIn this case, both of these  systems suggested that users,  when they enroll in the system, are  allocated initially some amount of cash,  called Mojo or  Karma in the systems respectively.  Then the users were able to spend this  money to acquire the files that they want,  so if you're downloading  from someone else.  Then you're paying cash to that person.  When someone comes to you and they get a  file that you have, that you're offering,  they pay the cash back to you.  And the idea is to try and  keep your balance floating around the  amount that you were initially allocated.  \n\nThis also solves the problem of  arranging barter between users.  If different users have disjoint sets  of files that they want to share and  files that they want to acquire,  then by using currency they don't have to  find that perfect person who  has exactly what they need and  is looking for  exactly what they're offering.  \n\n#introduceyourself #steemit #life #whale",
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